Buying a Home is a Headache

[Jimmy from Linkedin]

Greensboro, NC if I accept a position at UNCG.

Concord, Charlotte area if I get a call back from another university.

so many of these houses in charlotte are very wack. My fiancee likes the open floor plans, but she isn't as sensitive to noise as I am so we are working on that. Also down here they love these fake wall barn-door bullshyts. What the hell is going on

 

[R.E.N. Spells Ren]

The website specifically states there is an income and geographical limit

You are right, looks like they have changed the offer since I purchased my home...

NACA home page

Purchase Areas
NACA's mission is to provide affordable homeownership to low-to-moderate-income people and communities. Thus, access to NACA's Best in America Mortgage is limited to low-to-moderate income people ("Priority Members") and people purchasing in low-to-moderate income communities ("Priority Areas"). NACA's eligibility is based on the median family income for a Metropolitan Statistical Area ("MSA"). Since NACA offices service a few MSAs each with different median incomes, you may be a Priority Member in one MSA and not in another. Also, check with the local NACA office to verify the purchase eligibility criteria, since there may be local adjustments to achieve NACA's mission and affordable outcomes.​

Your purchase price plus any repair escrow funds (i.e. funds for repairs to be completed after closing) cannot exceed your approved Maximum Mortgage Amount or the current conforming loan limits. The current limits are $484,350 for a single-family home in most areas and $726,525 in high cost areas with considerably higher amounts for multi-family properties.​

Purchase Eligibility Criteria​

Priority Members - Members (i.e. borrowers and co-borrowers) whose combined income is less than the median family Income for the MSA where they are purchasing a home (Click here for median income). Priority Members can purchase any property within a MSA within the conforming loan limit.​

Non-Priority Member - Members (i.e. borrowers and co-borrower) whose combined income is equal to or greater than the median family income for the MSA where they are purchasing a home (Click here for Census Tract Median income). Non-Priority Members can only purchase in a MSA's Priority Area with loan and required repairs within the conforming loan limit.​

So they have added some restrictions. These may not preclude the OP however, and with a fixed 2.5% rate on a 30 year or 2.0% on a 15 year on the table, I’d say it’s worth it for the her to inquire.

 

[Akae Beka]

It was major headache

 

[AAKing23]

That’s why it’s not a goal of mine to be a homeowner, that shyt sounds nice but there’s a great deal of investment you have to put into that shyt


I can’t do small ass bedrooms either

 

[⠝⠕⠏⠑]

Damn . That house in the dmv would be 400k to 500k easy depending on the county.

Sis you bout to give me a rash!!!! 400k?!

500k?!

But ya’ll probably make more so it probably evens out...

But still $500k

 

[Mister_DoItNice]

It’s funny that this thread popped up. I just got pre-approved for a mortgage over the weekend. I’m looking to move to VA Beach from NYC for a new job. I see a lot of potential properties but they are being snatched up so damn fast. It really is a seller’s market right now. I was initially gonna wait a year or two to buy and I still might. We’ll see. I’m not doing all the bidding war shyt. If I can’t get what I want now, I’ll wait a couple years for the bottom to fall out of the housing market.

 

[⠝⠕⠏⠑]

Old homes are more quality material. Real brick, no cheap shyt and not thrown together.

Even a little one like this

Is like $300k or more....


Who made it this way? I don’t need a mansion.

I just want a house like my grandmothers home or my childhood home

Like where I grew up here

 

[Orange cream shake]

In this kind of market sellers will laugh you out the door coming in with NACA

Sellers will laugh at you with fha as well. Cash is king always especially with these greedy ass investors.

 

[Swirv]

First off....I don’t even like the way most new homes in my budget look.

My budget for a house is $300000. I’ll have about $60k to put down and I qualify for a first time homeowner program and down payment assistance programs as well.

But my major issue is paying a bunch of money for a barn looking house made from cheap siding, that is two feet away from your neighbors house, no backyard space, acreage....

Also the house plans. I grew up in a brick ranch home. 3 bedroom/2 baths, den, living room, dining room, kitchen with breakfast area.

But now because everybody thinks “OPEN FLOOR PLAN” is the coming messiah, the houses somehow have more space but less room.

So I no longer get a separate eat in kitchen, and a dining room. No longer have a living room/parlor AND a den. Just one big ole mashed together area.

And the BEDROOM SPACE! How can the house I grew up in be 1700 square feet and have bedrooms large enough to accommodate a full bedroom set...but a big ass 2200 square foot house got rooms the size of matchboxes.

I have full wood furniture. You know. Real shyt. Not particle board bullshyt you pay $2000 for these days. Bedroom sets passed down from my grandparents from 1800s.

But these new ass houses ain’t even got bedrooms big enough to accommodate a full/Queen size bed, nightstand, armoire, and dresser.

So I feel like I’m paying more for less even though it’s a newer home.
Is it just better to build? Am I trippin? I swear older homes are better than some of the new shyt I see on the market now.

Only way to get everything you want is by building.

 

[Sad Bunny]

You are right, looks like they have changed the offer since I purchased my home...

NACA home page

Purchase Areas
NACA's mission is to provide affordable homeownership to low-to-moderate-income people and communities. Thus, access to NACA's Best in America Mortgage is limited to low-to-moderate income people ("Priority Members") and people purchasing in low-to-moderate income communities ("Priority Areas"). NACA's eligibility is based on the median family income for a Metropolitan Statistical Area ("MSA"). Since NACA offices service a few MSAs each with different median incomes, you may be a Priority Member in one MSA and not in another. Also, check with the local NACA office to verify the purchase eligibility criteria, since there may be local adjustments to achieve NACA's mission and affordable outcomes.​

Your purchase price plus any repair escrow funds (i.e. funds for repairs to be completed after closing) cannot exceed your approved Maximum Mortgage Amount or the current conforming loan limits. The current limits are $484,350 for a single-family home in most areas and $726,525 in high cost areas with considerably higher amounts for multi-family properties.​

Purchase Eligibility Criteria​

Priority Members - Members (i.e. borrowers and co-borrowers) whose combined income is less than the median family Income for the MSA where they are purchasing a home (Click here for median income). Priority Members can purchase any property within a MSA within the conforming loan limit.​

Non-Priority Member - Members (i.e. borrowers and co-borrower) whose combined income is equal to or greater than the median family income for the MSA where they are purchasing a home (Click here for Census Tract Median income). Non-Priority Members can only purchase in a MSA's Priority Area with loan and required repairs within the conforming loan limit.​

So they have added some restrictions. These may not preclude the OP however, and with a fixed 2.5% rate on a 30 year or 2.0% on a 15 year on the table, I’d say it’s worth it for the her to inquire.

What she can get 2.75% right now without jumping through all of those extra who especially if she said she has $60,000 to put down

 

[Payday23]

First off....I don’t even like the way most new homes in my budget look.

My budget for a house is $300000. I’ll have about $60k to put down and I qualify for a first time homeowner program and down payment assistance programs as well.

But my major issue is paying a bunch of money for a barn looking house made from cheap siding, that is two feet away from your neighbors house, no backyard space, acreage....

Also the house plans. I grew up in a brick ranch home. 3 bedroom/2 baths, den, living room, dining room, kitchen with breakfast area.

But now because everybody thinks “OPEN FLOOR PLAN” is the coming messiah, the houses somehow have more space but less room.

So I no longer get a separate eat in kitchen, and a dining room. No longer have a living room/parlor AND a den. Just one big ole mashed together area.

And the BEDROOM SPACE! How can the house I grew up in be 1700 square feet and have bedrooms large enough to accommodate a full bedroom set...but a big ass 2200 square foot house got rooms the size of matchboxes.

I have full wood furniture. You know. Real shyt. Not particle board bullshyt you pay $2000 for these days. Bedroom sets passed down from my grandparents from 1800s.

But these new ass houses ain’t even got bedrooms big enough to accommodate a full/Queen size bed, nightstand, armoire, and dresser.

So I feel like I’m paying more for less even though it’s a newer home.
Is it just better to build? Am I trippin? I swear older homes are better than some of the new shyt I see on the market now.

Use that 60K to buy land then buy a used home and remodel it how you want

 

[Elle Seven]

But all them houses be GONE as soon as they are up for sale! And they cost more than the new ones do!

My naive ass thot I would just got get a cute lil brick ranch home: 3 bedroom, 2 bath, with an office space and a living room and a dining room, nice size kitchen and breakfast area. Cozy den with a fireplace...garage...fenced in backyard so the rottie can run around, 1700-2000 square feet.

Shouldn’t be no more than $225,000, right? RIGHT?!

Nope....why is the lil house like the ones I grew up in more expensive than a new home?

It doesn’t make sense!!!!!!!!!!

If I had to guess, I’d say older home are built waaaay better...they’re built to last. I love older homes; they have a certain character the newer ones lack, I think. They just look better, too. Whenever I start looking around for homes, for fun, I’m always looking at the older ones. When I see those high prices, I just figure the realtor or whoever sets the asking price recognizes this as well.

 

[R.E.N. Spells Ren]

What she can get 2.75% right now without jumping through all of those extra who especially if she said she has $60,000 to put down

Those hoops ain’t that substantial to have me missing out on money (plus there’s the interest rate buy down option), but that’s really for her to decide

 

[Mr swag]

Think you getting a 1 million dollar home on a trailer park budget bruhs!

 

[Orange cream shake]

What she can get 2.75% right now without jumping through all of those extra who especially if she said she has $60,000 to put down

she still gotta pay closing cost, with naca you don’t. One of my preapprovals was with naca and my preaporoval process was effortless. I just uploaded the documents required. I also have good credit and good income so I don’t need Counseling. My only problem with them is I make over the median income in St. Louis so I’m pretty much forced to live in a bad/poor neighborhood or a rural area outside of St. Louis according to their non priority guidelines. They have the lowest interest rate and you can buy down your interest rate. So I went from affording a 300k house to almost 400k house max with a 1.125 interest rate. I’m not spending that much but you get the idea. t the end of the day I wouldn’t discourage somebody from the program but it’s not for everybody. I found two areas I can move to in great school districts that under naca guidelines I can move to but it’s because of new construction so income is lower for now.